Ocwen Financial Comments on U.S. Court of Appeals Decision in CFPB Matter
April 08 2022 - 6:45AM
Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”),
a leading non-bank mortgage servicer and originator, issued the
following statement in response to the ruling issued on April 6,
2022 by the United States Court of Appeals for the Eleventh Circuit
regarding the appeal by the Consumer Financial Protection Bureau
(“CFPB”).
“We are pleased that the appellate court adopted our position
and acknowledged that the CFPB cannot unilaterally ignore the
provisions of a prior settlement agreement. Regarding the remand,
we look forward to engaging with the District Court and providing
our analysis that demonstrates that each of the remaining counts in
the CFPB’s complaint is barred by the 2014 consent judgment. Ocwen
will continue to vigorously defend itself, as we have done
throughout the course of this litigation.”
In summary, the Court ruling concluded:
- The CFPB is incorrect regarding
its position that the release in the 2014 consent judgment between
the parties only released Ocwen from liability for conduct that
occurred prior to December 18, 2013.
- The CFPB may only continue to
advance claims for alleged conduct not covered by the terms of the
2014 consent judgment.
- While Ocwen carefully explained how
each of the CFPB’s remaining claims overlapped with the terms of
the 2014 consent judgment, the district court dismissed all of the
claims together. As a result, the district court was instructed on
remand of the case to undertake a claim-by-claim assessment to
determine if any of the remaining claims are not covered by the
terms of the 2014 consent judgment.
About Ocwen Financial Corporation
Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank
mortgage servicer and originator providing solutions through its
primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH
Mortgage is one of the largest servicers in the country, focused on
delivering a variety of servicing and lending programs. Liberty is
one of the nation’s largest reverse mortgage lenders dedicated to
education and providing loans that help customers meet their
personal and financial needs. We are headquartered in West Palm
Beach, Florida, with offices in the United States and the U.S.
Virgin Islands and operations in India and the Philippines, and
have been serving our customers since 1988. For additional
information, please visit our website (www.ocwen.com).
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements may be identified by a
reference to a future period or by the use of forward-looking
terminology. Forward-looking statements are typically identified by
words such as “expect”, “believe”, “foresee”, “anticipate”,
“intend”, “estimate”, “goal”, “strategy”, “plan” “target” and
“project” or conditional verbs such as “will”, “may”, “should”,
“could” or “would” or the negative of these terms, although not all
forward-looking statements contain these words. Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain. Readers should bear these factors in mind when
considering such statements and should not place undue reliance on
such statements.
Forward-looking statements involve a number of assumptions,
risks and uncertainties that could cause actual results to differ
materially. In the past, actual results have differed from those
suggested by forward looking statements and this may happen again.
Important factors that could cause actual results to differ
materially from those suggested by the forward-looking statements
include, but are not limited to, the decisions by the district
court following remand, further appeals by the CFPB relating to
this matter, the outcome of any such appeals, including continued
litigation and the ultimate resolution of such litigation whether
by negotiated settlement or otherwise, the timing of such ultimate
resolution, the impact of such resolution on our operations and
financial condition, and the reaction of investors, contractual
counterparties, and regulators, as well as other risks and
uncertainties detailed in Ocwen’s reports and filings with the SEC,
including our annual report on Form 10-K for the year ended
December 31, 2021 and current and quarterly reports since such
date. Forward-looking statements speak only as of the date they are
made and, Ocwen disclaims any obligation to update or revise
forward-looking statements whether as a result of new information,
future events or otherwise.
FOR FURTHER INFORMATION CONTACT:
Investors: |
Media: |
June Campbell |
Dico Akseraylian |
T: (856) 917-3190 |
T: (856) 917-0066 |
E:
shareholderrelations@ocwen.com |
E: mediarelations@ocwen.com |
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